Chuck Hagel: “Energy touches every facet of our lives. Energy is serious business. America must have a national energy policy that…”

“Energy touches every facet of our lives. Energy is serious business. America must have a national energy policy that ensures we have a reliable, stable, and affordable source of energy. This cannot be neglected. To do so leaves our Nation vulnerable on all fronts. Energy policy ties together America's economy, our standard of living, our national security, and our geopolitical strategic interests around the world, and, of course, this Nation's future. We have entered a period where low energy supply has met high energy demand. Oil prices have tripled over the last 2 years, hitting a high last fall of nearly $40 a barrel--the highest price since the buildup to the Persian Gulf war in November 1990. Last Friday, the price of a barrel of oil was $29. This winter, California has endured severe disruptions in the supply of energy as a result of many factors, mostly a wrong-headed deregulation effort that left the market incapable of adapting to the imbalances between high demand and low supply. We are also seeing the impact of a combination of record high natural gas prices and a harsh winter. Consumers all across the country are being hit with double and sometimes triple the energy bills they had last winter. It is very difficult for many families to absorb this shock to their budgets, and they cannot go without heat. We have increased the Federal funding for the Low-Income Home Energy Assistance Program, LIHEAP, to assist families in the short term.”